Attorney General Eric Holder: No company is too big to jail - LoneWolf
In a video message posted to the Justice Department Web site, Attorney General Eric Holder said that "when laws indeed appear to have been broken, and the ev...
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Attorney General Eric Holder: No company is too big to jail - LoneWolf - Video
Eric Holder Hospitalized After Faintness, Shortness Of Breath
Eric Holder Hospitalized After Faintness, Shortness Of Breath U.S. Attorney General Eric Holder was hospitalized Thursday after experiencing faintness and sh...
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"No One is Too big to Jail" - US Attourney General Eric Holder, May 5th, 2014
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"No One is Too big to Jail" - US Attourney General Eric Holder, May 5th, 2014 - Video
Holder: No Such Thing As #39;Too Big To Jail #39;
US Attorney General Eric Holder warned Monday that no financial institution should consider itself "above the law," amid investigations into alleged tax evasion and money laundering by European...
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Holder: No Such Thing As 'Too Big To Jail' - Video
No such thing as 'too big to jail':AG Holder
Attorney General Eric Holder discusses the Department of Justice's belief that no company, no matter how big, is above the law, including the big banks. "No individual or company," he says, "is above the law.
Columbia Law School Professor John Coffee said Holder's words marked a potential retreat from March 2013 Senate Judiciary Committee testimony, in which he said "it does become difficult for us to prosecute" major banks because the action could harm the U.S. or global economy.
"If it's a deferred-prosecution agreement, it would be hard to call it a real turnaround," said Coffee. "If it's an indictment only of a (bank) subsidiary, it's a partial turnaround. But if he indicts the parent (company), that's a significant turnaround."
Coffee predicted Holder's comments about criminal charges could trigger broader bank industry reaction. Referring generally to financial wrongdoing, Coffee said "maybe they'll start saying it's not just the cost of doing business any more."
But Shulman Rogers attorney Jacob Frenkel warned that Holder's comments could have "a destructive effect rather than a deterrent effect."
"I have talked to general counsels who have questioned why they want to remain a corporation domiciled in the United States in such a regulatory-unfriendly environment," said Frenkel, a former federal prosecutor and Securities and Exchange Commission lawyer. "There are long-term ramifications to such messages."
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Rather than speaking in broad conceptual terms, Frenkel said Holder should "bring the cases you think are appropriate to bring, and then explain why you have brought them. Regardless of whether they agree, people understand charging violations of law."
Nancy Bush, an independent banking analyst, said Holder's comments heightened focus on a much-discussed financial issue: "Can you criminally indict a bank without disqualifying it as a (trading) counterparty, in which case you may totally screw up liquidity in the banking system?
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Holder's warning sparks caution, criticism